Explain why the students must be wrong in their reasoning

Reference no: EM131336071

1. A principles of microeconomics instructor regularly asks her class to give an example of an inferior good. "No matter how poor we might be," the students tell her, "ramen noodles are an inferior good." Explain why the students must be wrong in their reasoning.

2. Can you tell whether a good is normal or inferior by looking at the shape of a single indifference curve? Explain your answer.

Reference no: EM131336071

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